Monitoring Agency Report for the quarter ended June 30, 2026 as received from Care Ratings Limited

August 14, 2026 To To National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C/1, G Block Phiroze Jeejeebhoy Towers Bandra-Kurla Complex, Bandra (East) 21st Floor, Dalal Street Mumbai – 400 051 Mumbai – 400 001 NSE Symbol: SURAJEST BSE Scrip Code: 544054 Dear Sir/Madam, Sub: Monitoring Agency Report for the Quarter ended June 30, 2026 Pursuant to Regulation 32(6) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we are enclosing herewith Monitoring Agency Report issued by CARE Ratings Limited, Monitoring Agency and as duly reviewed and taken on record by Audit Committee, for the quarter ended 30th June, 2026 in respect of utilization of proceeds of the Preferential Issue of the Company. Kindly take the aforesaid information on record and oblige. Thanking you, Yours sincerely, For Suraj Estate Developers Limited Mukesh Gupta Company Secretary and Compliance Officer ICSI Membership No: F6959 SURAJ ESTATE DEVELOPERS LIMITED Aman Chambers, 3rd Floor, Century Bazaar, Prabhadevi, Mumbai, Maharashtra 400025 Call +91 022 2437 7877/+91 022 2436 0802/ +91 022 2432 7656/ +91 022 2436 3471 CIN No. L99999MH1986PLC040873 www.surajestate.com Monitoring Agency Report No. CARE/HO/GEN/2026-27/1138 The Board of Directors Suraj Estate Developers Limited Aman Chambers, 3rd Floor, Century Bazar, Prabhadevi, Mumbai – 400 025 Maharashtra, India August 12, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Preferential Issue (PI) of Suraj Estate Developers Limited (“the Company”) We write in our capacity of Monitoring Agency for the Preferential Issue for the amount aggregating to Rs. 343.39 crore of the Company and refer to our duties cast under 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended June 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated August 20, 2024. Request you to kindly take the same on records. Thanking you, Yours faithfully, Darshan Shah Associate Director Darshan.shah@careedge.in Monitoring Agency Report Report of the Monitoring Agency Name of the issuer: Suraj Estate Developers Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: NIL (b) Range of Deviation: Not Applicable Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board. Signature: Name of the Authorized Signatory: Darshan Shah Designation of Authorized person/Signing Authority: Associate Director Monitoring Agency Report 1) Issuer Details: Name of the issuer : Suraj Estate Developers Limited Name of the promoter : Rajan Meenathakonil Thomas Industry/sector to which it belongs : Realty – Residential Commercial Projects 2) Issue Details Issue Period : October 05, 2024, to October 18, 2024 Type of issue (public/rights) : Preferential Issue (PI) Type of specified securities : Equity Shares and Warrants IPO Grading, if any : Not Applicable Issue size (in crore) : Rs. 500.00 crores# # Suraj Estate Developers Limited had come out with preferential issue to raise up to Rs. 500.00 crore for 56,05,742 shares aggregating to Rs. 400.25 crores and 13,30,000 convertible warrants aggregating to Rs. 99.75 crore resulting in total offer size of Rs. 500.00 crore. Owing to undersubscription in the issue (shares), only 34,12,277 shares have been allotted, reducing the issue size to Rs. 343.39 crore. Furthermore, as per the stock exchange filing dated April 09, 2026, the company had informed to the stock exchanges that since the warrant holder did not exercise the conversion option of the said 13,30,000 warrants within 18 month from the date of allotment i.e. on or before April 08, 2026, the amount received on the said 13,30,000 covetable warrants stands forfeited as per the provision 163(3) of Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Hence, the actual fund received from the Preferential issue stood at Rs. 293.52 crore. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments of the certifications considered Comments of the Particulars Reply Board of by Monitoring Agency for Monitoring Agency Directors preparation of report Bank statements, As per the stock exchange filing dated April 09, 2026, the Agreement to Cancel, company had informed to the stock exchanges that since Stock Exchange filing for the warrant holder did not exercise the conversion option forfeiture, Board of the 13,30,000 warrants within 18 month from the date Whether all utilization is as per the disclosures in Resolution dated June 27, of allotment i.e. on or before April 08, 2026, the amount No No Comments the Offer Document? 2025^, Board Resolution received on the said 13,30,000 covetable warrants stands dated May 06, 2026^^, forfeited as per the provision 163(3) of Chapter V of the Supporting, CA SEBI (Issue of Capital and Disclosure Requirements) certificate*, and Regulations, 2018. Management certificate Monitoring Agency Report Source of information / Comments of the certifications considered Comments of the Particulars Reply Board of by Monitoring Agency for Monitoring Agency Directors preparation of report The company passed a Board Resolution dated June 27, 2025, for the revision of the cost of the object due to the undersubscription of the preferential issue. Due to the warrant holder not exercising the option to convert warrants, the company did not receive the balance amount of Rs. 49.88 crore due to which the company passed another Board Resolution dated May 06, 2026, for the further revision of the cost of the objects. During Q1FY27, the company received Rs. 2.00 crore against the outstanding recei [Showing first 8,000 characters — download PDF for full document]